London new builds number?

Generali

MobileSaver wrote: »

Why is it that time and time again the anti-HPI crowd are either unwilling or unable to produce verifiable figures to back up their assertions?

In this case because the poster is making a number up in their head.

The problem with looking at foreign ownership in London is defining 'foreign', given the make up of the London population.

Are you foreign if you were born abroad and moved to London as a small child? Or a teen? Or an adult? Or 90 days ago? Or you have only visited London to do due diligence on the 20 apartments you've bought for your Kazac hedge fund? Truth is that it's impossible to make a decent working definition for 'foreign' in the context of London and probably most of Europe these days.

According to this article:

http://www.theguardian.com/business/2014/feb/01/rich-overseas-investors-uk-eu-housing-market

The report, called Finding Shelter, cites statistics showing that 85% of prime London property purchases in 2012 were made with overseas money. Estate agent Savills found that last year £7bn of international money was spent on "high-end" London homes, with just 20% of that spent by UK citizens. Two-thirds of homes bought by people from overseas were not purchased for owner-occupation but as investments.


Civitas says the problem is not confined to the top end of the market and that overseas buyers are also acquiring less expensive newbuild homes. It says that over the past two years only 27% of new homes in central London went to UK buyers, while more than half were sold to residents of Singapore, Hong Kong, China, Malaysia and Russia.

Now, contrary to popular belief, the vast majority of London is not Central London. The population of The Corporation is about 7,000 or something and the population of the City of Westminster is less than 250,000 and it's hard to think of a definition of Central London that goes much past those boroughs. Places like Islington and Chelsea are inner London yes but not Central London.

I find it hard to believe that the Old Kent Road and Archway are heaving with huge numbers of rich Chinese people struggling to understand the phrase, 'Gimme your wallet little man'.

ukcarper

It's not hard to find figures showing that most new builds in prime London are sold to non UK residents. The figures are lower for Central London but still significant. It's hard to find figures for the number left empty and how it impacts on the overall market.

CLAPTON

Generali wrote: »

In this case because the poster is making a number up in their head.

The problem with looking at foreign ownership in London is defining 'foreign', given the make up of the London population.

Are you foreign if you were born abroad and moved to London as a small child? Or a teen? Or an adult? Or 90 days ago? Or you have only visited London to do due diligence on the 20 apartments you've bought for your Kazac hedge fund? Truth is that it's impossible to make a decent working definition for 'foreign' in the context of London and probably most of Europe these days.

According to this article:

http://www.theguardian.com/business/2014/feb/01/rich-overseas-investors-uk-eu-housing-market



Now, contrary to popular belief, the vast majority of London is not Central London. The population of The Corporation is about 7,000 or something and the population of the City of Westminster is less than 250,000 and it's hard to think of a definition of Central London that goes much past those boroughs. Places like Islington and Chelsea are inner London yes but not Central London.

I find it hard to believe that the Old Kent Road and Archway are heaving with huge numbers of rich Chinese people struggling to understand the phrase, 'Gimme your wallet little man'.

not entirely sure you are right


I was in Archway the other week and we had an excellent Chinese meal at a very reasonable price.

danothy

Hmm. Buying for profit not for use may or may not be a bad thing. Probably not in my view as, philosophically, there is no profit if there is no use. If it was true that such property "will never be lived in" then there would be no inherent utility value to rise and/or fall. Hence no value in trading such property.

Distinguishing between people partaking in such an activity on the basis of where they were born, however, seems more like an exercise in trying to tell other people where they can't live (or own property). Something I find grossly offensive. That very position hinges on the concept of a birth right, which is why I find it offensive.

neverdespairgirl

TickersPlaysPop wrote: »

It is also away for the rich to establish an address in London, or even obtain visa or citizenship.

Buying a flat / house or renting one has absolutely nothing to do with immigration status. Nothing. Nada. Nil.

michaels

neverdespairgirl wrote: »

Buying a flat / house or renting one has absolutely nothing to do with immigration status. Nothing. Nada. Nil.

Isn't there some sort of visa you can get if you are high net worth and make a large business investment. Couldn't that investment be in a property business?

Generali

neverdespairgirl wrote: »

Buying a flat / house or renting one has absolutely nothing to do with immigration status. Nothing. Nada. Nil.

Not even for the 'invest a mozza and get a visa' visa? (I'm not convinced I have the name of it right).

princeofpounds

I find it hard to believe that the Old Kent Road and Archway are heaving with huge numbers of rich Chinese people struggling to understand the phrase, 'Gimme your wallet little man'.

There are plenty of other foreigners in inner, non-central london. They just aren't always the super rich ones (Bishop's Avenue, Wimbledon Village etc. excluded). There are loads of white collar workers, students, stabucks baristas!

According to the 2011 census, London (Greater, with 8m population) is 37% foreign-born and 24% non-national (implying that about a third of foreign-born residents have become naturalised)

They ain't all oligarchs.

45% of people describe themselves as white British, down from 58% in 2001, so just 10 years. It's the first census region where white British are now a minority. Perhaps they should apply for special protection against discrimination.

UserJong_2

So what is the answer, is there more new jobs and people moving into London than new properties being built?

CLAPTON

UserJong wrote: »

So what is the answer, is there more new jobs and people moving into London than new properties being built?

yes..................................